homeownership: What Can You Deduct When You Own a Home?
- 03/28/08 07:15 AM
Now that tax time is upon us it seems that everyone is wondering what is and is not tax deductable. Here is some great information from the NAR website that will assist new homeowners and prospective buyers with thos deductions.What Can You Deduct When You Own a Home?For tax purposes, deductions for residential real estate held for personal use generally fall into two main categories:· costs that can be deducted as expenses from a buyer's or seller's personal income on a tax return· costs that can be used to alter the basis of the home, with the idea of lowering the (2 comments)

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